The Minister for Revenue and Assistant Treasurer, Peter Dutton, today announced the signing of a Tax Information Exchange Agreement (TIEA) between Australia and Antigua and Barbuda.
The agreement provides for full exchange of information on criminal and civil tax matters between Australia and Antigua and Barbuda. The agreement aims to improve transparency and to establish effective information exchange for tax purposes and provides important momentum to achieving the aims of the OECD’s Harmful Tax Practices Initiative and related Global Forum on Taxation.
“This agreement is an important step in our efforts to prevent Australian taxpayers seeking to avoid paying their fair share of tax by hiding money offshore” Mr Dutton said.
“These agreements also reinforce government initiatives such as Operation Wickenby.”
Mr Dutton commended Antigua and Barbuda for their commitment to the aims of the Harmful Tax Practices Initiative and their integration into the international community.
Australia has a comprehensive TIEA negotiation programme. This agreement is the second such arrangement entered into by Australia, which signed a TIEA with Bermuda in 2005.
The TIEA will enter into force when the Australian and Antiguan governments exchange diplomatic notes, advising the constitutional processes required for entry into force have been completed.
In Australia, this process involves tabling the agreement and a National Interest Analysis in Parliament for review by the Joint Standing Committee on Treaties.
Copies of the agreement can be accessed via the Treasury’s website http://www.treasury.gov.au.